Canadian oil and gas producer Tourmaline Oil said on Nov. 4 it has acquired Jupiter Resources in an all-stock deal, days after it bought Modern Resources in a cash and stock deal.
Here’s a snapshot of recent energy deals including the $735 million purchase of Chevron’s Appalachia assets by EQT plus a Laredo Petroleum Permian Basin asset acquisition.
Cenovus and Husky Energy confirmed the job cuts after two sources told Reuters of the magnitude of the reductions.
The acquisition of Mid-Con Energy by Contango Oil & Gas is “simply the next step, and certainly not our last, in our stated goal of consolidating a sector that is in dire need of it,” Contango CEO Wilkie Colyer says.
ConocoPhillips CEO’s $13.3 billion deal for Permian Basin pure-play Concho Resources will create the world’s biggest independent oil and gas producer.
The combined company is expected to generate annual synergies of $1.2 billion and will operate as Cenovus Energy Inc with headquarters in Alberta.
EQT had recently sent a takeover proposal to rival CNX Resources, a report said, adding that no final decision has been made.
Here’s a snapshot of recent energy deals including a wave of upstream mergers in the Permian Basin that saw ConocoPhillips agreeing to acquire Concho Resources and Pioneer Natural Resources buying Parsley Energy.
The merger of the two shale producers, both Permian Basin pure-plays, follows a growing wave of consolidation, which Enverus’ Andrew Dittmar described as a “historic winnowing of U.S.-based independent E&P companies.”